New or Used Cars?

Posted by Ryan on August 9th, 2019

If you are still considering whether you should buy a preowned or brand new vehicle, you might want to compare a new model with its fairly used equivalent in order to help you arrive at which of the two options will be best for you.

We will be highlighting the top new cars to buy over used and the top used cars to buy over new cars according. You will be amazed that there are some cars that with just a few bucks you will be able to buy their new model instead of the equivalent used model. This is particularly true when it comes to shopping for a car at traditional lenders as well as lenders like rent to own car lots.

Based on over seven million cars sold in recent years, the findings showed that the average one-year-old car costs about 23% less than when sold new, but these savings span up to about 40% for the mix of vehicles considered.

The Ford Expedition full-size SUV gave the greatest price difference at 38.5%, or ,690, while other SUVs that may also afford you the opportunity of saving big include Hyundai Santa Fe Sport and the Infiniti QX80. There are about six sedans in this category comprising of the Kia Sedona minivan, and Chevrolet Impala among others.

Top Cars to Purchase over New

This list includes dollar price difference and percentage

  1. Ford Expedition:               -38.5%        ,690
  2. Kia Sedona:                      -37.8%       ,918
  3. Chevrolet Impala:             -36.4%        ,837
  4. Infiniti QX80:                   -34.9%        ,188
  5. Ford Fusion Hybrid:          -34.3%        ,301
  6. Infiniti Q50:                     -33.1%        ,938
  7. Nissan Altima:                  -32.6%        ,984
  8. Hyundai Santa Fe Sport:    -31.4%        ,368
  9. Kia Optima:                      -31.3%        ,574
  10. Hyundai Accent:               -31.0%        ,136

The overall average here is -23.2%

Aside the benefit of getting a fairly used car at a lower price, the buyers can also enjoy the remaining warranties left from the manufacturer. The unknown or uncertain history of a used car makes it more appealing and if you go for good quality cars, most of them retain still retain their value even after the first year.  

On the list of new car to buy over used cars we have the likes of Honda Civic, Toyota Tacoma, Honda Pilot, with Honda HR-V topping this list.   

Top cars to buy new over used

Includes percentage and dollar price differences

  1. Honda HR-V:                             10.5%                    ,260
  2. BMW X1:                                   11.7%                   ,194
  3. Subaru Crosstrek:                      12.2%                  ,978
  4. Honda CR-V:                              12.2%                   ,230
  5. Toyota Tacoma:                          12.3%                   ,891
  6. Honda Civic:                              12.3%                   ,505
  7. Honda Pilot:                               12.8%                   ,518
  8. Mazda CX-5:                               13.4%                   ,457
  9. Porsche Macan:                          14.5%                   ,302
  10. Subaru Impreza:                         14.7%                   ,035

Overall average: 30.2 percent

In conclusion, you have to consider a lot of factors before making a final decision on whether to buy a new or used car. It's advised you avoid high interest auto lenders, like buy here pay here, and do your research to ensure you're getting the best deal. Consider the depreciation rate over time, the cost of insurance, the cost of servicing, cost of repairs and maintenance, the purpose for which you are buying the car, and how long you wish to drive the car. All these should form the basis to prompt your choice of going for a used or new car.

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Joined: August 5th, 2019
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